FG seeks fresh $10.50m W’Bank loan

Nigeria has approached the World Bank for a fresh $10.50m loan to enhance the Central Bank of Nigeria’s technical capacity and modernise the country’s domestic payment infrastructure.

According to information exclusively obtained from the World Bank website on Thursday by The PUNCH, the proposed CBN Technical Assistance Facility seeks to support integrating innovative technologies and data science into the CBN’s supervisory processes.

This is expected to help the apex bank tackle long-standing and emerging challenges in Nigeria’s rapidly evolving financial landscape while improving the domestic payment infrastructure for remittances.

The project, currently at the concept review stage, will focus on three key areas. Firstly, it aims to strengthen the CBN’s institutional capacity to keep pace with technological advancements through a robust governance framework, expert advisory support, peer-to-peer central bank exchanges, and modernisation of the CBN’s internal processes to align with the digital era.

Secondly, it will enhance the CBN’s supervisory capacity through technology and data improvements. This involves funding modern technical solutions, including Supervisory Technology systems, to improve data accuracy, operational efficiency, and risk-based supervision.

Thirdly, it aims to modernise domestic payment systems for remittances to improve their safety and reliability.

It will explore innovative methods to attract informal remittance flows into formal channels while conducting annual surveys on remittance households and fostering peer-to-peer learning for knowledge exchange.

According to the World Bank, the objective of this project is “to strengthen technology-enabled, data-driven, risk-based supervision at the CBN and improve domestic payment infrastructure for remittances in Nigeria.”

The project aligns with the government’s pursuit of a cashless economy and the increasing adoption of digital financial services in Nigeria.

The scheme, which has a commitment amount of $10.50m, is scheduled for board presentation approval on June 12, 2025. The implementing agency is the Central Bank of Nigeria.

The PUNCH earlier reported that the World Bank approved three financing operations totalling $1.08bn to support education, nutrition, and economic resilience in Nigeria.

According to a statement on the bank’s website this week, the concessional loans aim to improve education quality, build household and community resilience, and enhance nutrition for underserved groups.

The statement read, “The World Bank has approved three operations in Nigeria, totalling $1.08bn in concessional financing, to enhance education quality, build household and community resilience, and improve nutrition for underserved groups.”

The approved operations include $500m in additional financing for the Community Action for Resilience and Economic Stimulus Programme, $80m for Accelerating Nutrition Results in Nigeria (ANRIN 2.0), and $500m for the Hope for Quality Basic Education for All (HOPE-EDU) initiative.

According to the statement, the NG-CARES Programme, which was initially designed to address the economic impacts of the COVID-19 pandemic, will support the government’s efforts to expand access to livelihood support, food security services, and grants for poor and vulnerable households.

The programme, which has already reached over 15 million beneficiaries, has evolved into a shock-responsive platform providing multisectoral interventions, including social transfers, labour-intensive public works, livelihood grants, and support for small businesses.

The new financing will bolster the programme’s reach, particularly as the country grapples with economic challenges arising from the 2023 fuel subsidy removal and foreign exchange rate unification.

The Accelerating Nutrition Results in Nigeria programme aims to enhance the use of quality nutrition services for pregnant women, lactating mothers, adolescent girls, and children under five.

The initiative is designed to improve maternal and child health, nutrition services, and food security in selected areas. The programme aligns with Nigeria’s National Development Plan (2021–2025) and the Multisectoral Plan of Action for Food and Nutrition, focusing on preventive and curative nutrition interventions, improved feeding practices, and increased access to micronutrient-rich foods.

ANRIN 2.0 builds on the success of the initial programme, which delivered nutrition services to over 13 million children under five between 2018 and 2024.

The HOPE-EDU initiative, which forms part of a series of interrelated operations, will support foundational literacy and numeracy, enhance access to basic education, and strengthen education systems across participating states.

The project is expected to directly benefit 29 million public primary school pupils, 500,000 teachers, and more than 65,000 public primary schools. The initiative will also address issues related to school overcrowding and the decentralised allocation of education funds. HOPE-EDU will receive additional funding of $52.18m from the Global Partnership for Education Fund.